Sam Bankman-Freed Posts FTX Profits Amid Losses Due to Industry Support

FTX CEO Sam Bankman-Fried, in an interview with Axios, expressed optimism about the development of the cryptocurrency exchange. He is convincedthat the losses associated with the role of "lender of last resort" in the industry will not have an impact on business.

The billionaire noted that he is “ready to lose a little” in the course of the “rescue” of Voyager Digital, since the $75 million provided to the crypto broker relates to client assets and may be lost.

Sam Bankman-Fried stressed that FTX's earnings are "roughly in line with last year's numbers." Against the backdrop of deteriorating market conditions, this is facilitated by an increase in market share.

He looks forward to improving the situation in the future and expanding the platform's product line in anticipation of reduced regulatory uncertainty and economic recovery.

Currently, FTX is looking for a clearing company in the stock market and looks forward to developing cooperation with the IEX platform.

The top manager spoke about the lack of "tonscalls” from the “troubled companies” that pestered him in the first weeks of the crypto winter. Bankman-Fried did not rule out that the recovery could happen "surprisingly quickly."

The head of the company is optimistic aboutcongressional focus on developing a regulatory framework for the industry. He allowed that regulation would be similar to how it is arranged in traditional finance - "with similar principles at a high level" with a mismatch of particulars.

The FTX CEO did not rule out adding bitcoin as a reserve asset if its price falls to $15,000. At higher levels, this offer was rejected by FTX.

The other day, the media reported that the bitcoin exchange expects to confirm a $32 billion valuation following a potential investment round.

Recall that in July FTX US issued a renewablea $400 million BlockFi loan with a $240 million buy option. Previously, the parties reached an agreement on a $250 million revolving line of credit.

Prior to this, Bankman-Freed-affiliated Alameda Research provided cryptocurrency broker Voyager Digital with a USDC 200 million loan and a 15,000 BTC (~$300 million) revolving line of credit.

Previously, FTX's CEO promised to spend "billions" to buy stakes in other companies. 

In May, Sam Bankman-Fried said the platform's goal was to offer investors a wide range of products, including trading in classic shares. 

Subsequently, information appeared about the company's plans to buy one of the “unicorns” of the online brokerage sector. 

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